Chainalysis Inc.

Chainalysis Inc., a New York-based blockchain analytics and cryptocurrency investigation company, operates as a prime contractor delivering specialized forensics software, virtual currency tracing tools, and related professional services to federal law enforcement and regulatory agencies. The company competes predominantly under total small business set-asides on its primary indefinite delivery vehicle with the Department of Justice Federal Bureau of Investigation, though it also pursues full-and-open competition on supplementary orders and with other agencies; approximately 60 percent of task orders under the FBI IDV carry small business set-aside designations.

Chainalysis's core capability portfolio centers on blockchain forensics platforms, virtual currency transaction tracing, and cryptocurrency investigation software delivered through proprietary platforms including Reactor (a cloud-based and airgapped blockchain forensics tool), Investigation API (query-based blockchain data access), and DENALI (machine-learning-based pattern identification in blockchain activity). The company also delivers specialized training, expert witness services, and professional consulting to support federal cryptocurrency investigations and compliance activities. Representative recent work includes an $8.579 million delivery order awarded April 1, 2026, from the Department of Homeland Security for blockchain analytics and cryptocurrency investigation services; a $7.06 million delivery order awarded April 1, 2025, from the FBI for Virtual Currency OY 3 services; and a $1.147 million delivery order awarded September 16, 2026, from the FBI Headquarters Division for blockchain forensics and virtual currency investigation capabilities under its total small business set-aside IDV.

Customer concentration is heavily anchored to federal law enforcement. The top five funding agencies account for 75 percent of recent awards, led decisively by the Department of Justice Federal Bureau of Investigation Headquarters Division (47 awards, $76.5 million combined potential value), followed by the Department of the Treasury Internal Revenue Service (10 awards, $24.6 million), Immigration and Customs Enforcement (19 awards, $10.8 million), the Department of the Air Force Headquarters (2 awards, $4.8 million), and the Securities and Exchange Commission (2 awards, $1 million). The FBI and IRS together anchor 96 percent of combined potential value across the entire award portfolio. By award count, the FBI dominates with 47 delivery orders, though ICE places 19 orders at lower individual values, signaling both deep FBI integration and broader but more tactical engagement across DHS components.

Chainalysis holds two primary parent contract vehicles. The $25 million FBI indefinite delivery contract (15F06722D0000317), awarded March 28, 2022, designated as a multiple-award total small business set-aside with ultimate completion March 31, 2027, has generated 35 task orders totaling $41.1 million in combined potential value since award. A second indefinite delivery contract (70CMSD22D00000004) with Immigration and Customs Enforcement, valued at $12.2 million through September 2027, has generated 7 task orders for $6 million. All 129 awards in the portfolio carry prime status; Chainalysis does not subcontract on its federal engagements and operates as a vendor entirely in-house on federal service contracts.

Activity has remained steady but not grown substantially. The vendor recorded 13 awards in 2022, 19 in 2023, a decline to 9 in 2024, a recovery to 10 in 2025, and 9 through late September 2026. The combined potential value across all 129 awards totals $122.3 million, with $91.7 million obligated (75 percent utilization). Eleven awards (combined potential value $16 million) face ultimate completion within the next twenty-four months, representing the immediate recompete window for affected task orders and licensing renewals.

SCI-reported invoiced revenue on federal service contracts above the $150,000 threshold totaled $16.4 million across FY2022–FY2024 ($4.1 million in FY2022, $6 million in FY2023, $6.3 million in FY2024). The SCI dataset shows roughly 1.6 FTEs delivered to the federal government in FY2023 and 1.4 FTEs in FY2024, reflecting the highly leveraged, software-centric nature of Chainalysis' delivery model. On federal services contracts captured in SCI, median government-paid rates ran around $511.63/hr, with senior labor pricing through $1,046.67/hr; the 10th percentile figure ($0.00/hr) reflects software license and non-labor deliverables billed without direct hour allocation. Across SCI-reportable prime contracts, the sub-hours share averaged zero percent, confirming that Chainalysis delivers entirely through its own staff on these vehicles with no named subcontractor engagement.

Chainalysis operates through a parent entity and maintains a named subsidiary, Chainalysis Government Solutions, LLC, structured as a limited liability company. The subsidiary name signals government-focused service delivery, though the awards are issued to the parent Chainalysis Inc. The company maintains administrative headquarters in New York at 114 5th Avenue, Floor 19, with secondary performance locations in Ashburn, Virginia and New York that support federal law enforcement operations.